Nigeria Inflation


Nigeria: Inflation slows for first time in one year in October

November 15, 2015

In October, consumer prices increased 0.4% over the previous month. The print was slightly below September’s 0.6% increase and marked a 26-month low. According to the National Bureau of Statistics, the month-on-month increase in prices moderated as the seasonal effects of the Muslim festival period dissipated.

Inflation fell from 9.4% in September to 9.3% in October, which marked the first slowdown in inflation since November 2014. Nevertheless, annual average inflation inched up from September’s 8.7% to 8.8% in October, thereby reaching a 23-month high.

Core consumer prices, which exclude farm produce and energy prices, rose 0.4% in October over the previous month, undershooting September’s 0.6% increase. Core inflation rose from September’s 7.6% to 7.8%, which marked a 26-month high.

FocusEconomics Consensus Forecast panelists expect inflation to average 9.2% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, panelists forecast an inflation rate of 9.5%, which is unchanged from last month’s estimate.

Author: Ricard Torné, Lead Economist

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Nigeria Inflation Chart

Nigeria Inflation October 2015

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.

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